RBI to set up Regulations Review Authority from May 1 for one year

RRA, set up to review/seek suggestions on simplification, ease of implementation of regulations, to be led by M Rajeshwar Rao

The Reserve Bank of India (RBI) on Thursday set up a new Regulations Review Authority (RRA 2.0) for a period of one year. The RRA will undertake a review of the central bank's regulations and compliance procedures for streamlining them and making them more effective. 

The RRA will be set up from May 1, 2021, for a period of one year, unless the timeline is extended by the RBI. M Rajeshwar Rao, Deputy Governor, RBI will be head of the Regulations Review Authority, the banking regulator said. 

It is to be noted that RBI had established an RRA back in